they were fined about $1,000, and all safety regulations were followed and the passengers were not complaining, looks like they had a great time. happy friday to you, maria bartiromo at the new york stock exchange, will economic worries here weigh this market down. >> good to be with you. in for bill griffeth, he'll be back on monday. now the dow and s&p on track for their fifth straight week in the green, here is where we stand for the day. let's look at where the dow is. it is off five points and it's hugging the flat line kind of thing. the nasdaq right now down again

about five, almost six points at 3012.81. >> the tone is set in say sha, numbers out of cha in a slowing down today. exports missing expectations. >> should we be worried? >> in today's closing bell, steve leisman is at their head quarters. steve, this is your wheel house global slow down or not, what do you say? >> there is a global slow down going on, but i want to caution people out there, especially the bears not to double count. we had this very slow chinese trade data. we seem to be reducing chinese expectations for growth. 7.9% down.

look at the data and you see it's slowing there. is this reflecting weakness from europe and the united states? you can't double count that, chinese trade data and chinese economic growth is a reflection of what's happening elsewhere in the world. it's more of an input more than a output. i think the key question, especially next week, what i want you to keep your eye on is the e tail trade data. the big question for the world economy, u.s. consumer incomes have been higher, but spending has been not been. if there is any saving grace now for the u.s. economy, it's the potential for greater u.s. consumer spending. >> my question, rod smith, is how much of this is priced into the market? we have seen signs of global slow down particularly in the united states. do you think this is priced into the market already, will this be a surprise second half of the year? >> i think the opportunities for

surprise are mostly for surprise very, very gloomy investors to the upside. i was asked to come on the show to represent the bull case, and pat thetic thing is that in order to be a bull, you don't need to have much growth in the economy and the new normal which is 1% to 2% growth in the u.s., 7% or 8% in china, that's all i think you need for stocks to go higher. >> paul is there any reason to expect a rally in the market between now and the year's end, or the election? or is it a treading water scenario? >> i think stocks are bound to go higher and i think rod is right. it's not hard to be a bear, certainly economically and especially globally. so much is price in the markets.

people -- you have to separate their views in the economy and the markets. there is value, i know about value traps. i think you have to be careful. in a normal presidential year, you have this summer rally. we have a better buying opportunity, and right in the year end and before the first real trouble begins, i think in early '13, it's a different story. >> the market has been going up five weeks in a row. bob pisani, you were pointing out a healthy sign of rotation going on today. >> yeah, it's a little strange. not only weak exports in china, but the bank loan demands at a ten month low over there, you have weak exports and the reason they're not reacting in a negative way, and this is very negative news, and they're expecting the chinese authorities to do something. they're expecting more reserve

rate requirement cuts. infrastructure, spending, just like they're expecting the ecb to do something. >> bob, i was going to send you an e-mail, but i will take advantage of talking to you live. ed hyman wrote a piece saying he is skeptical because there is no volume behind it. what do you make of that? >> there has been no volume behind anything for the last year and a half. this has been the best week for risk on for cyclical stocks for awhile. the more defensive names have taken a backstage. now that mr. draghi has gotten a little more aggressive in how we'll do bond buying. a lot will depend on what's going on in europe. there's no d that central bank interventions helps prop up the markets globally. >> paul, what do you think about that? we've had very low volume

numbers for awhile here, and we have been comments on it, does it bother you? >> during the summer, we only get big volume on the downside. i think that it is a fallacy that we should have taken out and shot long ago. it does not surprise me, does it worry i'm always worried. there's a lot of air around this market. draghi better come through. so far it's only been jawbones, the longer he goes out action, the more the markets will suffer, and agree china is next to ease monetary policy as well. these central banks better follow through. >> the world's most valuable sports franchise getting a lukewarm response.

the soccer team manchester united worth more than the yankees. >> hey, yeah, very few cheers as we can see here for manchester united's debut. it is sitting at $14. it is below the $16-$20 range the bangers wanted. it shaves as much as $100 million off the value of the team that they were hoping for. none the less, this was the largest ipo on record for a sports team or club, and it decided to list here in the united states after it pulled out of a singapore ipo earlier this year. let me take you through another interesting news. pepsi says it's pulling it's

gatorade fit series from the self-s. the global market has to be shared with coke and coke's powerade which coke credits to it's sponsorship in 2010, and who is all over the olympics? powerade. and yahoo, a surprise announcement in a the new ceo will reconsider what it will do with the money from the sale of their chinese company. they previously promised to return most of that cash to the shareholders. the stock is down by about 6%. also sources say meyers has been trying to get twitter's head of international markets to take on a major job on the media side.

>> thank you, mandy. in the final stretch on friday, we have about 50 minutes before this market closes for the day. >> don't go away, we're just getting started on a big edition of the "closing bell." >> coming up, inflation nation, food and energy prices already sprieking, now the government downgrades this year's corn crop to a six year low. we break down the effect on your bottom line. plus a study of the dodd-frank regulations show it could costs banks tens of billions of dollars. and from the mouths of babes, why an off the wall idea could put a end to the looming fiscal cliff. this is new york state.

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welcome back, a real back and forth here on wall street in the final stretch. the dow jones in positive territory. they're on the flatline right now back to negative, but we're watching this market show a cautious trade this day reacting so some negative economic data out of china. the once in a generation drought continuing to push corn prices higher. since june corn prices have spiked 50%. a report suggest the pricing could get worse. >> hi, maria, they're expecting the lowest drop in years and many analyst expect the numbers to go even lower. most farmers have crop insurance, so they will weather this okay, but nose that need the corn to feed animals are not so lucky. ranchers are pushing for a reduction in the ethanol

mandate. it's a complicated situation. in any case, scott shelly says there's not enough corn for everyone. so what are the chances that the u.s. government would band farmers from exporting corn to we could keep it at home? >> in a normal world i would say yes, but we have the central banks tinkering with equity prices, qe 1 and qe 2, and there is so so much distortion and we have not solved our fiscal cliff problem, i can't see them getting involved right now. >> you think corn is expensive now, shelly said in the great grain robbery when russia bought everything we had, corn hit $3.80 a bushel, in today's dollars that would be $18. >> it's not just wheat and corn skyrockets here, oil taking a run up as well.

up 10% over the last month and that is driving gasoline prices higher. this is giving a lot of consumers indigestion, but inflation will take a bite out of consumers wallets. >> dennis garmin says it may center on the meat market, and addison, you say you're not concerned, but mothers and fathers are. >> at the macro level, i'm not that concerned. we have no ions other than in certain small markets. you might say they're not small, they take up big portion of a family's budget, and that's true, but on a macro level, i don't have that many concerns. this problem coming with the corn on top of what's going on with the oil price, which is not

being driven by fundamentals, but more by stimulus and what's going on in the middle east, i think we're probably not going to see that macro level of inflation, but certainly even today we saw the white house come out and say they're worried about corn, ethanol prices, and they may suspend some of the mandates to help keep the price of gasoline down. >> dennis, i was speaking to a rancher in kansas that feeds his cattle grass, and he said it's not corn corn, his grass and the nutritional value of that zras so compromised by this drought that it's hurting his cattle stock. and you say it's concentrated on the meat market, right? >> that's where it's going to be. if you're a rancher, you're looking at $8 corn and saying you have not seen prices at

these levels in a long period of time. i have not seen ddgs at these prices, this is very disconcerting, and i'm cutting my herd back as quickly as i can because my banker will make me do it. the real story in inflation if there is going to be in food and meat, ran offers are cutting back, hog producers are cutting back, you have to expect that. >> what are the implications of this drought then in your view. where do you see it going rest of the year? >> i suspect in concern prices and probably in soy bean prices. corn could still go perhaps a bit higher, especially if we do nothing as far as the ethanol mandate is concerned. everybody knows this problem. this is on every news paper, every television show, nobody anywhere does not know that we

have a drought in the united states. and in the southern himself here they know it as well as we do, and there will be an amazing ramping up of land in argentina, brazil, they see the high prices and they be producing and so too will we next year. >> what's next for oil? >> it all depends on what happens at jackson-hull. given how bad the chinese figures were but i would have thought that we would have a update today. every time we get negative news it's been bullish because of the expectations of stimulus coming, not only from the fed, but the ecb and now from china, of course china stimulated their economy many times over the past couple years, and it's done nothing to slow growth.

it's difficult to be short here. with the spector of stimulus and the uncertainty in the middle east, you're better off staying out or staying long. >> okay, let's look at where the markets stand with about, what do we have, about 40 minutes left before the closing bell. the nasdaq is up, and the s&p is as close to flat as you can get. >> interesting for rim, more worries of a white knight coming in, what could ibm want with blackberries. >> and apple stores matching discounted iphone cases from stores like best buy. is the company moving farther away from the founder's vision? it's about support where you find it most comfortable. the magic of this bed is that you're sleeping on something that conforms to your individual shape. wow!

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a friday afternoon, the tech sector one of the weak spots in today's trading session. let's go to times square where jackie deang jackie has details. >> the most negative impact is

microsoft, cisco, yahoo, and amazon. large cap tech companies. it's interesting that the stocks are managing to hold their head above water. we're watching intel, texas instruments, and rim is higher today and we're looking into some of the reports on rumors that ibm might be coming in to buy enterprise services unit, back over to you. >> jackie d, thank you so much, should you like the stock? we're talking numbers right now on research in motion. on the technical side, abigail doolittle is with me, and edward schnider, good to have you both on the ogram. thank you for joining us. ed, what would a sale of rim's enterprise business mean for rim? >> it would be the end of rim. it's the only thing supporting the losses in hand sets.

you can't do that you have to support the losses and you have to shut down the hand set side. so it's the decision to end rim as you know it. >> that's the crown jewel. let's talk about the chart on research in motion. >> in the near term, there is a possibility of a high-risk trade in rim. specifically we're looking at a potential rounding bottom right here. it must confirm on a closing basis, multiday closing basis at 832, the target is above ten, it's supported by the fact that rim is starting to reverse it's downturn moving above that near-term trend line. long term, medium term, this chart is very bearish. unless rim can climb above it, rim should not be looked at. we're looking at a near term possibility.

on this dangerous chart, high risk provile, and really confirmation is required. >> high risk, but you would buy here if you're willing to take on that risk. >> above 832, over the short term and willing to abandon on any weakness. >> from the fundamental perspective, do they have any reason to buy rim? >> not at all. the losses are going to get worse. iphone is coming out with the iphone 5 in september. samsung has a new phone that's competitive. let's go back and check in for a market flash. >> it's been a hard year for netflix to say the least down 50% over the past six months. today getting a pop, investment management firm capital research disclosing at 10.5%.

that's roughly 5.8 million shares in the online streaming company. traders covering their shorts and the squeeze is the stock up better than 3%. back to you. >> thank you. the dow has a little sprint to the finish here. the nasdaq is down 2.5 and the s&p 500, justically flat. we have about 35 minutes before the "closing bell." a new report finds that financial reform will cost banks tens of billions of dollars every year. so will the banks try to pass that along to consumers? and all of the super packs are off the reservation like this one insinuating that mitt romney caused a woman to die from cancer, and a new super pac for lawmakers to be able to drink together and get along together

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welcome back, the country's largest banks could take a bigger hit to their pockets with

financial regulation than previously thought. the cost of dodd-frank up to the eight largest u.s. banks could be between 22 and $34 billion annually. >> and marcus stanley of americans for financial reform thinks these higher costs might benefit consumers. matt mccormick says consumer wills take it on the chin in a number of ways. good to have you with us. the change in the estimate of the costs, it seems to me, has less to do with the regulatory burden than it does with what will now be sort of off limits for banks to do, a change in their business model, have i got that right? >> sort of, tyler, i think you look at regulatory interpretation from my

understanding only 200 of the thousand pages of dodd frank will be somewhat procluded will make it more difficult. but the revenues are still down roughly 5%. so it's difficult for them to get money, i think they will be more conservative. i respectfully disagree with marcus, i think it will make it more difficult for them to loan money and be an ultimate result in higher costs and lower loans that could impact banks and the share prices, and we don't recommend owning a ton of them at this time. >> how is it possible that higher regulation costs for banks would be good for consumers when they pass on higher fees to consumers, that's bad. >> the thing to understand is that a lot of these costs are transfers from the small group

of big banks at the center of the economy. and a good example of that is the derivatives regulation here. the small group that dominate the markets are going to have their spreads cut in half due to greater competition in the derivatives market. and it's going to reduce some of the profits, but it's going to lead to lower costs to customers in the derivatives markets. and also the interchange fees. those were fees that the banks were charging to retailers for the use of credit cards and debit cards. that's a loss to banks, but it will throw to retailers and it will be cuts in costs for the store. >> we're talking about really big numbers here, loss of business through the rule of up to $10 billion according to this

report, deposited insurance, a refiguring of the way that money is calculated by up to a billion there. these are not trivial sums, and we're talking about something going right to the bank's profitability, right? and they will want to get that money back somehow. >> it's going to go to the profitability of that group of banks, you have to remember these banks have profit margins of 15% to 20% or higher. there's room there to take something of a hit in profits, and with the volcker rule, the banks will not be able to engage in pry pry tear speculative companies. hedge funds and other actors will be perfectly free to do so. >> matt, it sounds like marcus made his case for you, the big banks will not be as profitable

as they once were and they will stay away from them. >> absolutely, i agree with marcus, stay away from the money centered banks. the only way they have been making money is on capital marks, and that's being diminished. i look at my parents but they don't go out and buy derivatives. they say i need a checking account that will go from $15 to $20. when you look at dodd frank, you have the law of unintended consequences. you look at them, this is over $1,000 pages. dodd-frank didn't stop jpmorgan, this is not going to stop the next blow up and it's not going to help the consumers. this is something, that from a banker, you stay away from them and look at other areas. >> i just want to say something --

>> doesn't it only get worse from here that two thirds of the rules have not been written yet? >> will it make it better for banks? when you look at 800 pages yet to be interpreted, not one page will make them more profitable. >> i don't get that man. >> i i did agree, void them, get dividend paying stocks. >> marcus makes the point that dodd frank didn't do a thing to prevent it, but you site trading losses, and the third one is fraud and you can't legislate away liquidity. >> this s&p report takes away they're estimate of all of the dodd frank reports and they're clear about that. second of all we have to distinguish between banks as a whole and the small group of the largest banks that have been

it's a cost to the largest banks and it will save money for smaller banks. and we have thousands of smaller banks out there that will be competitive. if they raise they're fees, consumers can go to the smaller bank that's will pay their fair share. so, you have to look at the banking sector as a whole and you have to look at these transfers taking place. these big banks now control over half of the assets in our banking system. that number was 17% back in the 1970s, so we had a massive increase in concentration, and the dodd-frank act is to reverse a little of that. >> thank you, we appreciate your time on this on this important subject. >> we have 20 minutes before the dow jones closes for the weak. we're spiking a bit in the last

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just before the break, we asked which stock has advanced the most so far this year. bank of america, gap, or sherwin-weapons of mass destruction -- williams. gap. >> not much movement for stocks this week after all, how long will that last? >> with us today is david, and

peter. good to see you both. thank you for joining us. this market is about to get interesting here, we're on the upside, what do you expect the rest of the year? >> we think profits will be calling where the market goes. profits will be slowing down, and they will turn out to be negative next year ie minus 12% this year. we would use any further lift to reduce positions and get more defensive. >> so sell into this rally, peter, do you agree with that? >> i think the market will continue churning until the november elections with 1425 on the upside, 1325 on the downside. the markets are in a face off between the reality of a slowing global economy on one hand, and the prospect of more central bank money prints on the other. the prospect of money printing

is winning out, but i think what we'll upset the most amount of people is a market that will frustrate people. the november election will break on the upside or the downside of the range. >> david, even if i buy your thooe sis that the slowing profits will catch up to the markets eventually, you have a world where there is not much inflation. you have slow growth in the united states, you have central banks on the sidelines indicating their ready to push. there must be some pockets of the market that can perform well. >> we like health care, energy, we upgraded that, we like exxon mobile. we like pfizer, we like abbot. >> people will take their drugs to matter what. >> i just want to say, maria,

you're the american women's soccer team gold medal and the american women's gold team, and he is ashton eaton. >> yes, let me get you to weigh in on europe, peter. you have been writing about it a lot. do you expect a solution any time sun, when does eurooon, wh settled? >> there will just be more time bought. the only thing that solves the problem is a restructuring of debt and extinguishment of debt. they're choking on too little debt. unfortunatelyly politicians won't go down the path of restructuring and money prints and buying time. >> peter and david, you don't think there is money to be made

in stocks, is there money to be made in bonds? >> the bull market remains in commodities. banks will print more money, and precious medals, energy, and interesting spin. >> david, what do you say? >> tyler, it depends, we say with the treasuries, stay away from them, they're near record low yields, go into high quality corporate bonds. mix in a little spice, high yield bonds -- >> do you like that? >> commodities, you have the soft commodities driven by weather, but the baltic dry freight index, which is for chinese economic -- >> i can't get enough of that. >> it's down 51% and another 10% this money. it's very, very commodity

specific. you have gold up 3.4%. it has not moved much. if you get central bank easing, qe 3 and so forth. you might see gold lift here. the copper, the weather, the corn complex, the wheat, the soy has been the places to be. the copper, the steal, the iron ore, coal is the worst acting stock this year down 40%. gambling is number two down 20%. >> david, thank you very much, peter great to be with you as always. have a great weekend. we somewhere about 15 minutes of trading left in the session and the dow is up 27 points right now. the nasdaq down 1.4 and the s&p has turned positive as well. >> facebook has hundreds of millions of users, and man cheserches er -- manchester united has

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they were two of the most high profile ipos of the year, and they're two very different companies, but facebook and manchester united were strangely similar. >> remember facebook never fell below $38 share, the under writers kept stepping in to support the stock. manchester has yet to fall below that price, will we see that st decline on sunday? bob, it's kind of weird, isn't it, they were so similar. >> they are doing the same thing. the people who took it public,

jeffreys credit squeeze are at $14 and they don't want to drop below $14 because it's embarrassing. it's likely to be more volatile. i don't know if it will drop or not, but i don't they will happen today. apparently we got $1 billion to buy here, and we're seeing the impact of it, the dow jones spiking in the last ten minutes or so. we are looking at now are all the markets positive, let me see -- yeah, he's saying that there is a billion dollars to buy in the net buy imbalances at the close, bob. >> this is about the idea that the u.s. is still the best market to be in.

we talked to you about china and the terrible trade data. they're expecting banks from around the world. the united states is still the best market to be in and they continue to move to the upside p and we're holding on manchester united. >> and how this works is rather technical, and i'm not inviting you to go down that path, but -- >> stop it! >> but one of the things you said is while people can make a penny on the moves either way, they make a little more than that because of the way order flow is directing and incentivized. >> right, exchanges people to pay on their exchanges. they'll give you rebates if you send orders to the floor. so instead of making a penny,

you get a rebate if you direct order changing through the exchange. so you make money even if you don't make money any on the penny, you can make money just because of order flow. it's a crazy trade these days. up next, a order of shares to be bought, and you see the markets are higher. >> we're going to talk about beer next, is it what we need to solve issues like the fiscal cliff? a super pac has been created to congress can drink together and get along better. we built the first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesses and create jobs.

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td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. . welcome back, at the closing countdown here, it's a busy place today on the floor of the exchange. there are a lot of people here. >> yeah. >> i don't know if they are trading in england or here. >> i would like to see more volume. >> it picked up a little here.

what happened here? >> it was buy imbalances going into the end of the day and it helped initiate a little rally here. it's showing the fact that they're drifting a little here and under lying pressure in this market still. >> does it have legs into next week? >> very important next wednesday, thursday, friday, you have the empire state and the philly fed, you have the housing home builders survey, home builder confidence index -- >> some of the housing numbers have been pretty fantastic. >> the housing builders are in great shape. >> they have been doing much better than over the last few months. >> and friday is the lead economic indicators where the consensus is for .2%.

morgan standly is at .4%. that could be a reason the market wants to lift here. >> do you see conviction in any one or two sectors? >> i wish i could say that. what we really need is volume. it's a bad time of year, being in august, summer time, and the trend we're seeing of lighter and lighter volume. again, any given day, things can move very easy these days. >> what would it take to get volume to come back? >> it's a difficult question. you need confidence in the marketplace, and as we have seen with some of the issues that happened over last month and the last couple years, we have to do a little rebuilding. i also think in a upward market we need to bring confidence back in. >> tax, you had the three ts,

secondly is trauma, the dotcom and housing collapse. and the trust, is third, that's all of these things with the computerized trading, high frequency trading and some of the scandals, get ready and buy some tech stocks. when apple gets their iphone 5, buy that stock. that's where that technology has been. >> yeah, that's been by far the single best industry i think you have seen. >> a real traders market. >> it certainly is, that's the best way to describe it, absolutely. >> we remain under weight. the financials and industrials and consumer discretionary and under weight in the health care and energy sectors. >> are you still in the view gnat emergency market is the best place to be. europe has their own special problems. >> that's a big overweight and another is emerging market equities. we look like geniuses with the

overweight in the u.s. high grade, the high quality big cap stocks, and we look like the reverse of geniuses which might be dunces like the emerging market equities. we stay with that, we have growth is there, more room to ease, take interest rates down, and finances are in a better shape. >> i need to excuse myself, i'll see you next week, ty. >> final thoughts, you think this rally might sustain? >> i think there is a an under lying momentum barring a surprise piece of news. i think it continues and it's going to continue for a little while. >> have you been watching the olympics? >> absolutely. >> yes, i know you love them. >> yes, go team usa,